2018 has been a year of regulatory change across the EU member states, especially when it comes to data protection and cybersecurity. Cybersecurity is without doubt one of the principal challenges being faced by our governments and business globally. Both the quantity and sophistication of hacks is increasing, as is the resulting loss and disruption businesses are facing.
At the start of 2018, CSO online reported that cyber-crime damage will cost $6 trillion annually by 2021. With the proliferation of devices being deployed for security purposes and the rise of Internet of Things (IoT), we are witnessing new and evolving threats to business. This is supported by the fact that PwC found 63% of cyberattacks could be linked directly or indirectly to third parties.
The importance of supply chain due diligence has never been so important. Procurement processes now need to look beyond the traditional evaluations matrix to also consider:
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